Demand for financial planning advice online is rising rapidly and users are becoming increasingly sophisticated in their financial planning searches, according to new research from Google.
Internet searches for financial planning terms and online financial advice have risen consistently since 2005, and were up by 19% in 2009 alone, as advice sites saw a massive increase in traffic during the recession, Google said.
Searches for independent financial advice and to consult a financial planner have benefitted from the general trend towards working online in the UK. Consumers now spend 30% of all leisure time on the internet, said Google, and total daily internet usage rose 22% in 2009, compared with 2008. This rate of growth is expected to continue, driven by increasing use of internet-enabled mobile phones and other devices over the coming years.
Consumers also appear to have derived significant product knowledge from the financial planning websites they consult online. This has been reflected in the increasing sophistication of the search terms used, when seeking financial planning advice. In 2009 the average financial planning query included 2.41 words, compared with 2.08 words in 2008. Consumers are becoming more specific in their financial planning terminologies, and significant growth has also been noted in 3-4 word and 4-5 word queries for financial advice, Google said.
Strongest demand for financial planning advice has focussed on the investments sector, where enquiries related to Individual Savings Accounts (ISAs) have been the greatest boost to online financial advice activity. Mortgage-related financial planning advice is also in great demand, with queries relating to financial protection products also strong as consumers seek to protect their lifestyle, and not just their mortgage.
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